4602 E Cactus Rd
Phoenix, AZ 85032
Retail Property For Sale

Oregano's | Costco Anchored Mall Pad |Corp Abs NNN SRS is pleased to present the rare opportunity to acquire Oregano' s, a corporate guaranteed, absolute NNN leased, investment property located in Phoenix, Arizona. The tenant, Oregano' s Pizza Bistro, Inc., has approximately 3.5 years remaining in the current term with 2 (5-year) options to extend. The lease features CPI adjusted rental increases every 5 years (maximum of 10%), which generates NOI growth and hedges against inflation. The lease is absolute NNN with no landlord responsibilities. This Oregano' s features a healthy rent-to-sales ratio of 4.8% with over $3.5 million in annual sales. The Oregano' s is located near the signalized, hard corner intersection of N. Tatum Boulevard and E. Cactus Road (64,600 combined cars per day). The subject site is an outparcel to Paradise Valley Mall, a 1.2 MM SF regional center anchored by Costco, Macy' s, Sears, and Dillard' s, and features more than 150 stores. As a result, this Oregano' s benefits immensely from crossover shopping. National/credit tenants in the immediate trade area also include Walmart, Target, Sprouts Farmers Market, HomeGoods, TJ Maxx, and more, which further increases consumer draw to the immediate trade area. The 5-mile trade area is supported by an affluent population of over 218,000 with an average household income of $94,500.